Oct 10, 2008
LVMH keeps outlook as 9 month sales rise 4.5 percent
Oct 10, 2008
* LVMH 9 month sales 11.959 billion euros.
* LVMH keeps its outlook.
PARIS (Reuters) - LVMH , the world's biggest luxury goods group, reported a 4.5 percent rise in nine month sales on Thursday and maintained its full-year outlook.
Campagne publicitaire de Loewe, propriété du groupe LVMH
The Paris-based group reported revenues of 11.959 billion euros ($16.40 billion), beating an average revenue forecast of 11.925 billion euros based on a Reuters poll of eight analysts.
On a like-for-like basis, stripping out the effects of foreign exchange rates, LVMH said sales rose 10 percent.
LVMH, which sells Louis Vuitton handbags and champagne and wines, stuck to its target for a "tangible increase" in its results for 2008.
Analysts are expecting cracks to appear in the resilience of the global luxury market due to weaker consumer confidence and the global financial crisis.
Leading U.S. retailers have posted disappointing September sales figures, with luxury department store Saks posting a drop in same store sales this week.
LVMH said sales of wines and spirits fell 2 percent, although this was offset by an 11 percent rise in sales of watches and jewellery.
LVMH shares closed down 1.4 percent to 51.29 euros before the announcement. The stock has fallen 38 percent since the start of the year, in line with a 39 percent fall in France's benchmark CAC-40 index .FCHI.
(Reporting by Sudip Kar-Gupta; Editing by Quentin Bryar)
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